Greenidge Generation Holdings (GREE) Q3 2024 earnings summary

Executive summary

• Third quarter 2024 revenue reached $12.4 million, with a net loss from continuing operations of $6.3 million and an EBITDA loss of $1.2 million.

• Adjusted EBITDA loss for the quarter was $0.1 million, reflecting improved operational efficiency.

• Year-to-date 2024 revenue totaled $44.7 million, with a net loss from continuing operations of $15.9 million and an EBITDA loss of $0.6 million.

• Adjusted EBITDA for the nine months ended September 30, 2024, was a gain of $2.4 million.

Financial highlights

• Cryptocurrency mining revenue for Q3 was $3.3 million, datacenter hosting revenue $6.5 million, and power/capacity revenue $2.6 million.

• Total bitcoin production in Q3 was 166 BTC; year-to-date production was 793 BTC.

• Ended Q3 with $11.4 million in cash and digital assets, including 60.7 bitcoin, and $69.5 million in net debt.

Outlook and guidance

• Fleet efficiency is expected to improve in Q4 due to the deployment of 1,000 upgraded miners.

• Plans to continue upgrading miner fleet, secure additional sites, and potentially monetize certain assets.